Alphabet Announces $84.75 Billion Equity Capital Raise to Fund AI Infrastructure

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Summary

Alphabet Inc. announced an upsized equity capital raise totaling $84.75 billion to fund investments in its AI compute infrastructure (via Ex. 99.2). This includes a $10 billion private placement with Berkshire Hathaway Inc. on June 1, 2026, and concurrent underwritten public offerings of Class A and Class C Capital Stock. The company also established a $40 billion at-the-market (ATM) offering program for Class A and Class C Capital Stock, expected to begin in Q3 2026. * Underwritten offerings were priced on June 2, 2026, for 25,459,689 shares of Class A Common Stock at $355.1982/share and 25,459,689 shares of Class C Capital Stock at $351.8018/share. * Underwriters exercised their over-allotment options in full on June 3, 2026. * The ATM offering program is managed by Goldman Sachs, J.P. Morgan, and Morgan Stanley.

Why It Matters

This significant $84.75 billion equity capital raise, as detailed in Exhibit 99.2, is crucial for investors as it directly funds Alphabet's "world-class AI compute infrastructure," signaling a major strategic investment to meet "unprecedented customer demand" in AI. The participation of Berkshire Hathaway with a $10 billion private placement also provides a strong vote of confidence.

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